What Are You Saving For?

Are you part of the group of people who saves without a specific purpose or have any plans for your savings? Have you ever asked yourself what are you saving for? Because I used to be like that. I have no needs nor any specific wants so I just keep saving. It’s definitely a good habit to save, but there will come a time when you need to decide what you want to be doing with all the money that you have saved up. Making up your decision now will make a whole lot of difference. It made a big difference for me and I’m sure it will make a big difference for you as well.

Take a step back and look at how have you been spending your money in the past week, month, and year. It reveals exactly what you are spending your money on. Stop reading for just 2 minutes and really think about it. What are you saving for?

It’s not wrong to spend on games and nice food, just that is it obsessive? Is there a portion that you’ve set aside for educating yourself on investment or investment itself? (Naturally we would advocate this since it’s a finance blog after all!) Far too often we neglect this portion because we cannot reap the rewards immediately unlike games and food. But just as the saying goes, “Rome wasn’t built in a day.” You have to start somewhere, and lay down your foundation, one brick (book) at a time. (If you need any recommendation of books, leave a comment below or drop us an email.)

Remember when I said making a decision now will make a whole lot of difference? I made the decision to save my money for making investments and building up my “Rome” one investment at a time. It’s a slow process, but it is worth it. The earlier we start, the higher our chances of completing our Rome sooner!

What’s stopping you? Leave a comment or drop us an email, we would love to know what’s stopping you!

Aloysius Lee

Aloysius has been investing in Singapore Equities from the age of 18 and is still madly enthusiastic about it. He strives to sharpen his edge while guiding others along the way to snowball their way to financial freedom!